New York City has the world’s largest office property market by area, accounting for one third of private employment in the City. This sector includes the information, financial and real estate, and professional and business services industries. Accounting for one third of all jobs and two thirds of economic output, the sector is an essential driver of the City’s economy. The sector also contributes significantly to the City’s tax revenues, providing $6.4 billion in property tax, real estate transaction tax, mortgage tax and commercial rent tax revenues in FY 2022. Prior to the onset of the COVID-19 pandemic, the office sector used large portions of office space. Since then, use of this space has changed dramatically, as stay-at-home orders forced many office workers to shift to remote work.
